PSX stages recovery: BRIndex100 edges up

Fresh buying in various sectors supported the Pakistan Stock Exchange to close on a positive note on Tuesday.

BRIndex100 gained 24.04 points or 0.57 percent to close at 4,261.57 points. BRIndex100 touched intraday high of 4,265.11 and intraday low of 4,215.85 points. Volumes stood at 224.369 million shares.

BRIndex30 increased by 89.35 points or 0.41 percent to close at 22,096.78 points with a turnover of 155.584 million shares.

The KSE-100 Index surged by 221.79 points or 0.55 percent to close at 40,664.60 points. Daily trading volumes on the ready counter stood at 254.622 million shares as compared to 320.078 million shares traded Monday.

The market capitalization increased by Rs 49 billion to Rs 7.818 trillion. Out of total 375 active scrips, 189 closed positive, 161 negative while the value of 25 stocks remained unchanged.

Unity Foods was the volume leader with 30.544 million shares. It gained Re 0.76 to close at Rs 14.05 followed by Fauji Foods that inched up by Re 0.20 to close at Rs 16.16 with 19.293 million shares. Nestle Pakistan and Sapphire Fiber were the top gainers with Rs 380.36 and Rs 38.00, respectively to close at Rs 7,987.61 and Rs 809.67. Otsuka Pak and Pak Suzuki were the top losers with Rs 14.18 and Rs 13.60, respectively to close at Rs 350.94 and Rs 262.79.

BR Automobile Assembler Index gained 30.89 points or 0.48 percent to close at 6,402.27 points with total turnover of 5.454 million shares.

BR Cement Index increased by 72.34 points or 1.98 percent to close at 3,724.71 points with 29.297 million shares.

BR Commercial Banks Index surged by 17.04 points or 0.18 percent to close at 9,518.37 points with 13.497 million shares.

BR Power Generation and Distribution Index gained 9.8 points or 0.18 percent to close at 5,589.59 points with 20.667 million shares.

BR Oil and Gas Index closed at 4,510.33 points, up 26.43 points or 0.59 percent with 19.240 million shares.

BR Tech. & Comm. Index lost 2.77 points or 0.27 percent to close at 1,006.39 points with 15.796 million shares.

An analyst at Arif Habib Limited said that the market traded in a narrow range oscillating between negative 184 points and positive 222 points. Activity remained relatively slow, but buyers were cautious of market correction, which was anticipated since last week.

Autos, Steel, Cement and Banking sector stocks saw selling pressure. Vanaspati sector led the volumes with 30.5 million shares, followed by Chemical (30.2 million shares) and Cement (29.3 million shares).

Sectors contributing to the performance include Cement (up 51 points), Pharma (up 27 points), Banks (up 25 points), O&GMCs (up 25 points) and E&P (up 20 points).

Stocks that contributed positively include LUCK (up 29 points), POL (up 27 points), UBL (up 21 points), NESTLE (up 19 points) and PSO (up 13 points). Stocks that contributed negatively include OGDC (down 10 points), HUBC (down 10 points), PSMC (down 7 points), NATF (down 6 points) and BAFL (down 5 points).